2 August 2007

University of Dundee and Modern Biosciences plc to develop novel cancer drug

Re-profiling of rimcazole as an anti-cancer drug based on pioneering science at Dundee

London and Dundee, UK - 2nd August 2007 - The University of Dundee and Modern Biosciences plc, the drug development company, have entered into an agreement to develop a new treatment for cancer, rimcazole.

Under the terms of this agreement, the University will grant an exclusive worldwide licence to Modern Biosciences for the development of rimcazole in cancer and Modern Biosciences will fund and manage the development programme. Revenues generated through commercialisation of the drug will be shared by Modern Biosciences and the University. Modern Biosciences expects rimcazole to be in clinical trials in patients within a year.

Rimcazole represents a highly attractive drug development candidate as it has already been the subject of a clinical trial programme in a different therapeutic area, schizophrenia. The re-profiling of rimcazole for cancer is lower risk than a normal development programme as there is already a considerable amount of pre-clinical and clinical safety data available. These data will allow Modern Biosciences to move into Phase I trials rapidly.

Rimcazole has several features that make it particularly promising for the treatment of cancer:

• it is a small molecule drug that can be taken orally;
• it works via a dual mechanism of action that makes it highly potent - stimulating apoptosis (cell `suicide') and preventing angiogenesis (the growth of blood vessels) within tumours;
• it works against a broad range of cancer types, including those that are resistant to existing drugs;
• it has very little toxic effect towards normal, healthy tissues, which means it is likely to have a low side effect profile.

The development of rimcazole for the treatment of cancer has been made possible through the groundbreaking research of Dr Barbara Spruce and her team at the University of Dundee. Dr Spruce's work has focussed on the so-called `sigma-1 receptor', which has been the subject of considerable pharmaceutical research in the field of psychiatric and neurological disorders.

Dr Spruce and her team were the first to show that agents that bind to the sigma-1 receptor (such as rimcazole) cause tumour cells, but not normal cells, to undergo apoptosis. In recognition of her work, Dr Spruce received the inaugural Gannochy Trust Innovation Award of the Royal Society of Edinburgh in 2003.

The University, with the help of funding from the Wellcome Trust, the North-East Scotland Technology Fund (NESTech) and Scottish Enterprise, has progressed rimcazole to the point of clinical development, a unique achievement within a Scottish university.

Modern Biosciences plans to initiate Phase I dosing studies in healthy volunteers this year. Phase Ib trials, which will monitor tumour growth and several biomarkers that are indicators of disease progression, are expected to start in 2008. Modern Biosciences believes that proof-of-concept data for rimcazole in cancer could be available within two years.

Dr James Houston, Director, Research and Innovation Services at the University of Dundee, said:

"We are delighted to see rimcazole progressing towards clinical trials in cancer. The deal with Modern Biosciences represents the culmination of years of hard and innovating work from Dr Spruce's research group and the University of Dundee, which has developed the project to a point where it is ready for clinical trials. The decision to develop rimcazole to this stage is an unusual and bold move by an academic organisation. We are extremely grateful to The Wellcome Trust, NESTech and Scottish Enterprise for supporting Dr Spruce's work and we are very pleased to be collaborating with Modern Biosciences and its team of drug development experts."

Dr Sam Williams, Chief Executive Officer of Modern Biosciences, said:

"We are very excited to be in a position to start the clinical development of rimcazole which has great promise as a selective cancer agent with a benign side effect profile. The re-profiling of rimcazole is perfectly suited to Modern Biosciences' model which aims to quickly generate proof-of-concept data in man as a means to substantially increasing the value of its projects. We are also delighted to be working with Dundee and Dr Spruce to capitalise on their ground-breaking research."

Dr Barbara Spruce, senior lecturer in the Department of Surgery and Molecular Oncology at the University of Dundee, said,

"One of the major problems with cancerous cells is that their ability to commit the normal process of `cell suicide' or "apoptosis", is reduced. Apoptosis is a natural self-defence mechanism designed to rid the body of rogue or damaged cells. If apoptosis fails, flawed cells survive when they shouldn't and this includes cancerous cells. Rimcazole appears to restore apoptosis to cancerous cells, causing them to self-destruct but without doing so in normal cells. Our results lead us to believe that rimcazole will produce good anti-tumour effects while, crucially, sparing healthy cells. I would like to acknowledge the hard work and commitment of my team and the help of my many collaborators at the University of Dundee, including Dr Neil Perkins and Dr Alan Prescott; and also collaborators outside Dundee, in particular Dr Suzanne Eccles at the Institute for Cancer Research, Sutton, Surrey."

Dr Richard Seabrook, Head of Business Development at The Wellcome Trust's Technology Transfer Division, said

"This is a very good example of how excellent science, conducted in a university environment, can reveal a new therapeutic intervention for adoption by industry and is exactly the type of outcome the Trust seeks from its translation award funding."

Jill Farrell, director of operations at Scottish Enterprise Tayside, said:

"This exciting development is excellent news for Scotland's life sciences profile. SE Tayside first supported this project more than seven years ago, which illustrates the need for a long term approach in this sector. We are delighted that this approach has enabled Dundee to secure such internationally renowned expertise."

For further information, please contact:

The University of Dundee
Roddy Isles,
Head of Press
01382 384910 / 07751 314346

Modern Biosciences Dr Sam Williams
020 7002 1529

Notes for Editors

About Modern Biosciences

Modern Biosciences plc is a subsidiary of IP Group plc, the intellectual property commercialisation company, and was established in 2005 as a specialist drug in-licensing and development company. Modern Biosciences' business model provides a channel for exciting early-stage drug candidates to reach industry. Modern Biosciences sources drug candidates from partner organisations, funds and manages their development through to proof-of-concept and licenses the resulting programmes to industry for later stage development and marketing.

For more information, please visit our website at www.modernbiosciences.com

About The University of Dundee

The University of Dundee has powered its way to an internationally recognised position of excellence in life sciences and medical research with particular expertise in cancer, diabetes, cardiovascular and tropical diseases. The University has both a 5* rated School of Medicine and College of Life Sciences, with research expanding from "the cell to the clinic to the community", and has a larger medical research complex than the National Institute for Medical Research in London. The University has an excellent track record in attracting research income and commercialising research activity. See www.dundee.ac.uk for further details.

About the Wellcome Trust

The Wellcome Trust is the largest charity in the UK. It funds innovative biomedical research, in the UK and internationally, spending around £500 million each year to support the brightest scientists with the best ideas. The Wellcome Trust supports public debate about biomedical research and its impact on health and wellbeing. Website: www.wellcome.ac.uk

For media enquiries contact:
Roddy Isles
Head, Press Office
University of Dundee
Nethergate Dundee, DD1 4HN
TEL: 01382 384910
E-MAIL: r.isles@dundee.ac.uk